Four Things to Avoid When Obtaining a Mortgage
1. Do Not Change Jobs
Changing jobs just before, or during, the mortgage process can create numerous problems. This is especially true if your new job is in a different line of work, or if you are on 90 days probation, or if the style or type of pay you receive is different, such as going from a base salary alone, to a base salary plus commission.
2. Do Not Change Banks, Move Money or Make Large Deposits
Unless you receive specific instructions from us, leave your money right where it is until your mortgage is closed. Documenting your assets can be very difficult if you are moving them around. We must be able to verify that you have enough money to close and exactly where that money came from in the form of a perfect paper trail.
3. Do Not Incur Any New Debt
Do not make any major credit card purchases or take out any new loans. Even special furniture and appliance accounts such as the "90 Days Same As Cash'' or "No Interest and No Payments for 12 Months" are considered debts and can delay, or even prevent your mortgage from being approved or closed.
4. Do Not Pay Off Any Bills
We will advise you if it is necessary to pay off any of your debts. We will also instruct you on the best way to pay off a debt to make sure we get the proper documentation in order to verify that it has been paid off in a timely fashion.
If any of these are unavoidable, please discuss it with us as soon us possible so we can plan accordingly.